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I have prepared a short-term cryptocurrency forecast based on the Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.
The cryptocurrency pairs covered in the article are about to complete corrective waves currently unfolding.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD chart displays the structure of the motive wave Y developing as a standard zigzag [A]-[B]-[C]. The final wave [C] is currently unfolding as a five-wave impulse (1)-(2)-(3)-(4)-(5), with corrective wave (4) developing inside as a double zigzag W-X-Y. The final wave Y could also be a double zigzag [W]-[X]-[Y]. The entire pattern should finish at a level of around 32641.00.
Trading plan for BTCUSD today:
Buy 29797.00, Take profit: 32641.00
Elliott wave Ripple analysis
The XRPUSD market is forming the final impulse wave [C] of the motive wave Z, and the triple zigzag of a larger degree is about to end soon. Wave [C] is an impulse (1)-(2)-(3)-(4)-(5). Corrective wave (4) is currently unfolding as a double zigzag W-X-Y. This correction should finish at level 0.492, where wave (4) will be 50% of impulse (3).
Trading plan for XRPUSD today:
Buy 0.424, Take profit: 0.492
Elliott wave Ethereum analysis
The ETHUSD is forming the down motive wave Z as a simple zigzag [A]-[B]-[C], which should soon finish. Wave [C] is developing as an impulse (1)-(2)-(3)-(4)-(5). The market should be forming a deep correction (4) as a double zigzag W-X-Y, which should finish at a level of 2324.00. At the indicated level, wave (4) will retrace impulse (3) by 50%.
Trading plan for ETHUSD today:
Buy 2033.28, Take profit: 2324.00
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The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.